Even regulatory authorities must follow the rules.
The Cyprus Financial Regulator of Cyprus of the Securities and Exchange Commission (or CYSEC) issued a statement on the decision made on 26.3.2025 by the Supreme Constitutional Court (Second University), in the Court of Appeal No. 82/2020, Committee of Cyprus and Exchange Stavros Hadjikyriakos.
The case concerned CYSEC’s decision dated 13.2.2017 to impose on Mr Hadjikyriakos, as executive director of the Board of Directors of the 2007 Law, and Paragraph and CFDS Broker Commexfx, a total administrative fine of € 45,000 for breach of Article 139 of Investment Services and Services Shopping 2007 and Paragh 9 (1) of Directive DI1444-200-27 -07 -0-0 -0 of 2012 for the conditions of authorization and operation of CIFs.
Against the above decision of CYSEC dated 13.2.2017, Mr Hadjikyriakos filed the application no. 952/2017, which was secreted. The Administrative Court, by judgment 30.4.2020, rejected CYSEC’s decision to impose a fine on Mr HadjikyriakosOn the grounds that the composition of the CYSEC Council during the material time was illegal. CYSEC filed the appeal No. 30.4.2020. 82/2020.
The Supreme Constitutional Court (Second Appendix), by judgment 26.3.2025, rejected CYSEC’s appeal and confirmed the first decision of the Administrative Court dated 30.4.2020 on the cancellation of the administrative fine. In summary, the Supreme Constitutional Court ruled the Decision of the Council of Ministers appointing one of Cysc Non’s Board of DirectorsThe synthesis of cysec illegal and the appointment of this particular member.
Stavros Hadjikyriakos is today the CEO of Brno, Csechia Crypto Investment Company Probinex.
A Cypriot court last year confirmed a fine of 20,000 euros issued against the former Crexfx CFO Vladimiros Germanos.